The UAE Central BankCentral Bank refers to the public monetary authority responsible for managing a currency system and implementing monetary policy. The term belongs in Level 7 because it helps co...Read More has imposed sanctions on branches of Bank Melli Iran, increasing financial restrictions on the Iranian bank and adding pressure to its operations in the UAE.
The Central Bank of the United Arab Emirates imposed sanctions on branches of Iran's Bank Melli operating in the UAE. Reuters reported the bank was barred from operating in the Gulf state, with the central bank citing breaches of regulatory requirements. The action follows the UAE's August suspension of trade, commercial exchanges and financial transactions with Iran, adding a new financial channel to worsening regional tensions.
